PhonePe files for India IPO to reportedly raise up to ₹12,000 crore

The PhonePe IPO comes when losses have narrowed and revenue has jumped 40% for the operator of India's largest UPI app.

PhonePe, India's most used payments app, has filed for an initial public offering via the confidential route, a spokesperson for the Walmart Inc.-backed company said on Wednesday.

PhonePe is part of the Flipkart Group backed by Walmart.(Bloomberg)

The Phone IPO is set to raise around ₹12,000 crore ($1.35 billion) with a listing planned by mid-2026, Reuters reported citing a person familiar with the matter. The company was last valued at $12 billion, when it raised capital from the private markets in 2023.

Existing investors including Walmart, Microsoft and Tiger Global are expected to offload part of their shareholding, this person said, but details on the quantum of the stake sale weren't immediately available.

The person requested anonymity as they are not authorised to speak to the media. PhonePe did not respond to queries seeking IPO details. Walmart, Microsoft and Tiger Global didn't immediately respond either.

PhonePe's IPO plan comes against the backdrop of buoyant Indian primary markets, where fundraising is expected to surpass the record $20 billion achieved in 2024. Firms including LG Electronics' Indian unit and PayPal-backed Pine Labs are among those planning to tap the markets.